Settling car finance early - then applying for new finance?

m1tchjc

Hi all,

My insurance will be settling in full for a car that was written off. The car was new and was financed in July/August.

My question is whether i am likely to be accepted for a new finance deal because of how recently the last one was - even though the balance would be settled in full?

Any advice would be great!

Thanks

Mitch

cooltt

m1tchjc wrote: »

Hi all,

My insurance will be settling in full for a car that was written off. The car was new and was financed in July/August.

My question is whether i am likely to be accepted for a new finance deal because of how recently the last one was - even though the balance would be settled in full?

Any advice would be great!

Thanks

Mitch

The new lender won't see who paid off your existing agreement, it will simply be shown as settled on your credit file. It will take up to 6 weeks to show on file from date of settled.

yoshiyella

Would you be using the same finance company? If so, they should be able to deal with it straight away.